Bullish (BLSH) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 2.35M
• Price to Earnings (P/E): ―
• Beta (1Y): 3.21
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 400
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): 0.10
• Shares Outstanding: 150,683,750
• 10 Day Avg. Volume: 2,872,967
• 30 Day Avg. Volume: 2,352,174
• PEG Ratio: -1.35
• Price to Book (P/B): 4.16
• Price to Sales (P/S): 0.04
• P/FCF Ratio: -295.06
• Enterprise Value/Market Cap: 10.00T>
• Enterprise Value/Revenue: 0.07
• Enterprise Value/Gross Profit: 177.40
• Enterprise Value/Ebitda: -42.98
• 1Y Price Target: $56.91
• Price Target Upside: 30.47% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): 0.22
• Revenue Forecast (FY): $277.42M

• Rating: 49 Neutral
• Price Target: $41.00 ▼(-6.01% Downside)

Bullish's overall stock score is driven by strong revenue growth and strategic initiatives highlighted in the earnings call. However, weak profitability, cash flow challenges, and bearish technical indicators weigh heavily on the score. The lack of valuation metrics further limits the stock's attractiveness.

Positive Factors

Revenue Growth

The strong revenue growth indicates Bullish's ability to expand its market share and enhance its product offerings, which is crucial for long-term success in the competitive fintech sector.

Regulatory Position

Obtaining a BitLicense strengthens Bullish's regulatory compliance, facilitating expansion in the U.S. market and enhancing trust with institutional clients, which is essential for sustainable growth.

Product Diversification

The launch of the options franchise diversifies Bullish's product offerings, attracting a broader client base and increasing revenue streams, which supports long-term business stability.

Negative Factors

Profitability Challenges

Low profitability margins indicate operational inefficiencies and could hinder Bullish's ability to reinvest in growth initiatives, affecting long-term competitiveness.

Cash Flow Issues

Negative operating cash flow suggests difficulties in sustaining operations without external financing, which could impact Bullish's financial stability and growth potential.

U.S. Onboarding Challenges

Slow U.S. customer onboarding due to rigorous diligence requirements may delay market penetration and limit revenue growth opportunities in a key market.

Bullish Business Overview & Revenue Model

Company Description

Bullish (BLSH) is a technology-driven financial services company focused on providing a robust trading platform for cryptocurrencies. Operating primarily in the fintech sector, Bullish combines advanced technology with market expertise to offer a seamless trading experience for users. Its core products include a cryptocurrency exchange and various trading tools designed to cater to both retail and institutional investors, aiming to enhance liquidity and facilitate efficient trading in the digital asset space.

How the Company Makes Money

Bullish generates revenue through several key streams: transaction fees from trades executed on its platform, which are charged to users based on the volume of their trades. Additionally, Bullish may earn money through market-making activities, providing liquidity to the market while profiting from the spread between buying and selling prices. The company may also engage in partnerships with other financial institutions, enhancing its service offerings and creating additional avenues for revenue, such as referral programs or joint ventures in the cryptocurrency space. Furthermore, Bullish could explore revenue from premium services or subscription models for advanced trading features aimed at professional traders and institutions.

Bullish Financial Statement Overview

Summary

Bullish shows strong revenue growth but struggles with profitability and cash flow. The balance sheet is stable with low leverage, but operational efficiency and cash generation need improvement.

Income Statement

Bullish has shown a significant revenue growth rate of 114.8% in the latest year, indicating strong top-line expansion. However, the company struggles with profitability, as evidenced by low gross and net profit margins. The EBIT and EBITDA margins are also minimal, suggesting challenges in operational efficiency.

Balance Sheet

The company maintains a relatively low debt-to-equity ratio of 0.23, indicating conservative leverage. However, the return on equity is modest at 3.29%, reflecting limited profitability relative to shareholder equity. The equity ratio is healthy, suggesting a stable financial structure.

Cash Flow

Bullish has experienced a substantial improvement in free cash flow growth, but the operating cash flow remains negative, indicating cash flow challenges. The free cash flow to net income ratio is positive, suggesting some ability to convert earnings into cash, yet the overall cash flow position is weak.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	138.92B	250.26B	116.51B	72.90B	1.32B	0.00
Gross Profit	51.33M	5.28M	-21.67M	-6.55M	-1.04B	0.00
EBITDA	-211.87M	131.65M	1.31B	-4.12B	-1.27B	0.00
Net Income	-236.48M	78.53M	1.30B	-4.25B	-1.40B	-119.02M
Balance Sheet
Total Assets	3.24B	3.05B	1.80B	3.41B	7.46B	5.05B
Cash, Cash Equivalents and Short-Term Investments	564.05M	250.36M	367.67M	1.41B	1.23B	239.38M
Total Debt	592.06M	543.07M	440.40M	14.13M	6.50M	1.01B
Total Liabilities	688.20M	646.75M	522.23M	1.52B	1.34B	1.04B
Stockholders Equity	2.54B	2.39B	1.28B	1.88B	6.11B	4.01B
Cash Flow
Free Cash Flow	-28.49M	-33.69M	-127.63M	193.64M	-455.26M	-150.00K
Operating Cash Flow	13.43M	-29.98M	-126.67M	194.93M	-120.95M	-150.00K
Investing Cash Flow	-12.74M	-45.08M	3.92M	-1.29M	1.50B	128.41M
Financing Cash Flow	1.50M	-980.00K	-1.21B	-7.73M	-340.36M	1.31B

Bullish Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
CETX	52 Neutral	$3.10M	<0.01	-1102.76%	―	16.50%	―
BLSH	49 Neutral	―	―	―	―	―	―
HUBC	42 Neutral	$4.17M	-0.08	―	―	-30.70%	82.02%
RVYL	41 Neutral	$13.35M	―	-993.23%	―	-44.25%	82.71%
ATCH	41 Neutral	$42.50M	-0.13	―	―	―	―
TAOP	39 Underperform	$2.30M	―	-46.76%	―	-15.10%	-177.14%

Bullish Corporate Events

Bullish Company Reports Record Q3 Earnings and Growth

Bullish Company Shines in Q3 Earnings Call with Record Performance

Bullish Reports Record Q3 2025 Financial Results

Bullish (NYSE: BLSH) is an institutionally focused global digital asset platform that provides market infrastructure and information services, operating under regulatory frameworks in several major jurisdictions including the United States and the European Union.

Bullish Company Navigates Challenges with Optimism

Bullish Company Navigates Challenges with Optimism in Latest Earnings Call

Bullish’s Q2 2025 Results and US Market Entry

Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services, operating primarily in the digital assets sector with a unique global regulatory footprint.